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Group / Chama details

What is a Chama, a self-help group, started in the 1960s. Primarily for women, by women, but in recent times, it has gained much traction among men for the financial freedoms it offers. Most chamas initially started as merry-go-rounds. A standard amount of money is collected from all the members periodically. When this amount reaches a standard goal, it is awarded to one of the members, and the cycle (merry-go-round) continues. Members would contribute household goods such as food, clothing, and utensils but eventually transform into investment groups.